FAAS Bi-Weekly (2013)

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Dec20

Boards to re-deliberate key aspects of lease accounting — again

The Boards decided to re-deliberate key aspects of on their May 2013 proposal, which would require lessees to recognise most leases on their balance sheets.



Read the past issues below.

Dec6
IFRS 9 – hedge accounting is now complete

The main change to IFRS 9 is the addition of the new hedge accounting requirements, marking the completion of the third phase of the IASB’s financial instruments project.

Nov22
US GAAP versus IFRS: the basics

This guide provides an overview by accounting area of where the standards are similar and where differences exist, reflecting guidance effective in 2013.

Nov8
IFRS changes for 2013 year-end

This article (P.32-33) provides a snapshot of the key IFRS changes that companies need to take into account when preparing annual financial statements for 2013.

Oct25
IASB Projects - A pocketbook guide

This pocketbook guide summarises the key features of the active projects of the IASB. It also includes potential implications of the proposed standards.

Oct11
Boards continue to deliberate final revenue standard

The Boards discuss how their joint revenue recognition standard will address collectability, the constraint on variable consideration and the accounting for licenses of intellectual property.

Sep27
IFRS Core Tools

IFRS Update
This publication provides an overview of the changes in IFRS requirements that are in issue as at 31 August 2013.

Good Group (International) Limited
A set of illustrative financial statements for Good Group (International) Limited based on International Financial Reporting Standards that are in issue as at 31 August 2013.

Sep13
Effective date of IFRS 9 to be deferred

IASB has tentatively decided to defer the mandatory effective date of IFRS 9 until the issue date of the completed version of IFRS 9 is known.

Aug30
Amendments to IAS 39: continuing hedge accounting after novation

The IASB has amended IAS 39, permitting the continuation of hedge accounting when derivatives designated in hedging relationships are required to be novated to a central counterparty.

Aug16
Another attempt at improving lease accounting

In their revised leases exposure draft, the IASB and FASB propose requiring lessees to recognize assets and liabilities arising from their involvement in most leases.

Aug2
IFRS changes impacting the banking industry

This publication provides an overview of both finalized and forthcoming changes in standards, based on standard setting developments that are of particular significance for banks.

Jul19
Revenue recognition – credit card rewards and transition

The IASB and the FASB discussed requests for additional guidance on credit card reward transactions and transition requirements for first-time adopters of IFRS.

Jul5
A closer look at the revised lease accounting proposal

The IASB and the FASB have proposed that lessees would be required to recongise assets and liabilities arising from their involvement in mot leases.

Jun21
Boards issue revised leases proposal

The IASB and FASB have re-exposed accounting treatment of leases for both lessees and lessors, including recognition of most leases on balance sheets of lessees.

Jun7
IASB concludes re-deliberations on hedge accounting project

The IASB has concluded its re-deliberations of the hedge accounting project, which is the third phase of the overall project to replace IAS 39.

May24
IASB to clarify interaction between unit of account and fair value measurement requirements

The IASB decided to clarify the interaction between the unit of account for investments in subsidiaries, joint ventures and associates and IFRS 13’s measurement requirements.

May10
IFRS 12 Disclosures of interests in other entities

This publication focuses on the disclosure requirements in IFRS 12 for interests in unconsolidated structured entities and includes illustrative examples.

Apr26
IASB proposes new expected credit loss model

The IASB released a new exposure draft proposing that entities should recognise and measure a credit loss allowance based on an expected credit loss model.

Apr12
Boards address various application issues in the revenue proposal

The IASB and FASB considered application of joint revenue recognition proposal. Tentative decisions were made regarding scope, repurchase agreements and transfers of certain non-financial assets.

Mar28
Proposed amendments to IAS 39 and IFRS 9

The IASB published an exposure draft proposing that hedge accounting need not be discontinued when derivatives designated in hedging relationships are required to be novated to a central counterparty.

Mar15
Important changes to hedge accounting

The IASB made some important changes to the hedge accounting standard at its January meeting to address constituents' concerns regarding cash flow hedge ineffectiveness.

Mar1
IFRS 10 - Consolidation for fund managers

IFRS 10 establishes a single control model that applies to all entities, replacing guidance previously contained in IAS 27 and SIC 12.

Feb15
IFRS Developments: Boards progress further on revenue re-deliberations

In December 2012, the IASB and FASB continued their joint re-deliberations of the revenue recognition exposure draft. Tentative decisions were made in relation to allocating the transaction price, constraining revenue recognised for sales-based royalties and capitalising contract acquisition costs.

Feb1
Global banking outlook 2013-14

Our forecast examines 10 key issues facing banks in the coming years, including new pricing models, technology challenges and the importance of reputation.

Jan18
Good Bank (International) Limited

Good Bank (International) Limited 2012 (pdf 2.81mb) provides a practical working model of consolidated financial statements, prepared in accordance with IFRS, for a fictitious banking entity, Good Bank (International) Limited and its subsidiaries for the year ended 31 December 2012.

Jan4
Exposure drafts issued on narrow amendments to IFRS 10, IFRS 11 and IAS 28

In this issue of IFRS Developments (pdf 485kb), we discuss the proposals for the two exposure drafts issued by IASB in December 2012, as follows:

  • The proposed amendment to IFRS 11 clarifies how to account for an acquisition of an interest in a joint operation that is a business as defined in IFRS 3
  • The proposed amendments to IAS 28 (2011) and IFRS 10 clarify how to account for the sale/contribution of assets by an investor to its associate or joint venture, which will depend on whether the asset being contributed is a business as defined in IFRS 3